China's Share of Treasurys Quietly Falls

By

Spencer Jakab

Dec. 16, 2012 5:40 p.m. ET

"Hu's your daddy."

We have Republican Rep. Michele Bachmann of Minnesota to thank for that bon mot—a play on the name of outgoing Chinese President Hu Jintao—about the country's massive holdings of U.S. Treasury debt. But, while America's dependence on the largess of foreigners is greater than ever, China's role is quietly receding.

Monday's Treasury International Capital System data for October may show Japan, once...